Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Inner Mongolia Yitai Coal Company Ltd / Event-Driven

<ul>
<li>Timing is everything. Yesterday afternoon I flagged <a href="https://www.smartkarma.com/entities/inner-mongolia-yitai-coal-company-ltd" target="_blank" data-smartkarma-citation="entities:14904:1" rel="noopener">Inner Mongolia Yitai Coal Company Ltd (3948 HK)</a>'s possible H-share buyback at HK$17/share.</li>
<li>Roughly five hours later a firm HK$17.50/share Offer was announced. The Offer Price is final.</li>
<li>Other terms and approvals were largely as expected. Payment under the Offer may occur mid-August.</li>
</ul>


Timing is everything. Yesterday afternoon I flagged Inner Mongolia Yitai Coal Company Ltd (3948 HK)'s possible H-share buyback at HK$17/share.
Roughly five hours later a firm HK$17.50/share Offer was announced. The Offer Price is final.
Other terms and approvals were largely as expected. Payment under the Offer may occur mid-August.


Yitai Coal (3948 HK): H-Share Buyback Firmed At HK$17.50

<ul>
<li>There are 38 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>Two new deals were discussed on Smartkarma this week: Chinachem's Offer <a href="https://www.smartkarma.com/entities/enm-holdings-ltd" target="_blank" data-smartkarma-citation="entities:16267:1" rel="noopener">Enm Holdings (128 HK)</a>; Bain's non-binding Offer for <a href="https://www.smartkarma.com/entities/chindata-group-holdings-adr" target="_blank" data-smartkarma-citation="entities:29274:1" rel="noopener">Chindata Group (CD US)</a>.</li>
<li>Key updates took place for <a href="https://www.smartkarma.com/entities/estia-health-ltd" target="_blank" data-smartkarma-citation="entities:77:1" rel="noopener">Estia Health (EHE AU)</a>, <a href="https://www.smartkarma.com/entities/inner-mongolia-yitai-coal-company-ltd" target="_blank" data-smartkarma-citation="entities:14904:1" rel="noopener">Inner Mongolia Yitai Coal Company Ltd (3948 HK)</a>, and <a href="https://www.smartkarma.com/entities/challenger-technologies-ltd" target="_blank" data-smartkarma-citation="entities:16490:1" rel="noopener">Challenger Technologies (CHLG SP)</a>.</li>
</ul>


There are 38 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Two new deals were discussed on Smartkarma this week: Chinachem's Offer Enm Holdings (128 HK); Bain's non-binding Offer for Chindata Group (CD US).
Key updates took place for Estia Health (EHE AU), Inner Mongolia Yitai Coal Company Ltd (3948 HK), and Challenger Technologies (CHLG SP).


(Mostly) Asia-Pac Weekly Risk Arb Wrap: ENM, Estia Health, Yitai Coal, and Challenger Technologies

<ul>
<li>Back on the 9 May, <a href="https://www.smartkarma.com/entities/inner-mongolia-yitai-coal-company-ltd" target="_blank" data-smartkarma-citation="entities:14904:1" rel="noopener">Inner Mongolia Yitai Coal Company Ltd (3948 HK)</a> announced an H-share buyback at HK$17.50/share.</li>
<li>With no pre-conditions attached to this hybrid Scheme/Tender Offer, my expectation was this could be wrapped up by mid-August. </li>
<li>The dispatch of the Offer Document yesterday evening indicates even this timeline was conservative, with payment potentially occurring in the third week of July.</li>
</ul>


Back on the 9 May, Inner Mongolia Yitai Coal Company Ltd (3948 HK) announced an H-share buyback at HK$17.50/share.
With no pre-conditions attached to this hybrid Scheme/Tender Offer, my expectation was this could be wrapped up by mid-August. 
The dispatch of the Offer Document yesterday evening indicates even this timeline was conservative, with payment potentially occurring in the third week of July.


Yitai Coal (3948 HK): H-Shareholders To Vote on 30th June

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/inner-mongolia-yitai-coal-company-ltd" target="_blank" data-smartkarma-citation="entities:14904:1" rel="noopener">Inner Mongolia Yitai Coal Company Ltd (3948 HK)</a>'s H Share buyback offer at HK$17.50 per H Share is open. The H class meeting is on 30 June.  </li>
<li>The key conditions are approval by at least 75% of independent H Shareholders (&lt;10% of all independent H Shareholders rejection). There is a 90% minimum acceptance condition.  </li>
<li>The de-rating of the peers, likely supportive substantial H Shareholders and no major retail opposition should help hit the 90% threshold. At the last close, the gross/annualised spread is 4.7%/23.9%.   </li>
</ul>



Inner Mongolia Yitai Coal Company Ltd (3948 HK)'s H Share buyback offer at HK$17.50 per H Share is open. The H class meeting is on 30 June.  
The key conditions are approval by at least 75% of independent H Shareholders (&lt;10% of all independent H Shareholders rejection). There is a 90% minimum acceptance condition.  
The de-rating of the peers, likely supportive substantial H Shareholders and no major retail opposition should help hit the 90% threshold. At the last close, the gross/annualised spread is 4.7%/23.9%.   


Yitai Coal (3948 HK): Offer Open with H Share Class Meeting on 30 June

<ul>
<li>We summarise the latest spreads and newsflow of merger arb situations covered by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.</li>
<li>Highest spreads - <a href="https://www.smartkarma.com/entities/111-inc" target="_blank" data-smartkarma-citation="entities:27412:1" rel="noopener">111 Inc (YI US)</a>, <a href="https://www.smartkarma.com/entities/estia-health-ltd" target="_blank" data-smartkarma-citation="entities:77:1" rel="noopener">Estia Health (EHE AU)</a>, <a href="https://www.smartkarma.com/entities/united-malt-group-ltd" target="_blank" data-smartkarma-citation="entities:29116:1" rel="noopener">United Malt Group Ltd (UMG AU)</a>, <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a>, <a href="https://www.smartkarma.com/entities/hailan-holdings-ltd" target="_blank" data-smartkarma-citation="entities:39776:1" rel="noopener">Hailan Holdings (2278 HK)</a>, <a href="https://www.smartkarma.com/entities/origin-energy-ltd" target="_blank" data-smartkarma-citation="entities:797:1" rel="noopener">Origin Energy (ORG AU)</a>.</li>
<li>Lowest spreads - <a href="https://www.smartkarma.com/entities/healius-ltd-6d4d947d-ad32-4aea-b2d8-265f5768b55e" target="_blank" data-smartkarma-citation="entities:14208:1" rel="noopener">Healius (HLS AU)</a>, <a href="https://www.smartkarma.com/entities/liontown-resources-ltd" target="_blank" data-smartkarma-citation="entities:20488:1" rel="noopener">Liontown Resources (LTR AU)</a>, <a href="https://www.smartkarma.com/entities/silk-laser-australia-ltd" target="_blank" data-smartkarma-citation="entities:33498:1" rel="noopener">Silk Laser Australia (SLA AU)</a>, <a href="https://www.smartkarma.com/entities/lian-beng-group-ltd" target="_blank" data-smartkarma-citation="entities:17636:1" rel="noopener">Lian Beng (LBG SP)</a>, <a href="https://www.smartkarma.com/entities/sbi-shinsei-bank-ltd" target="_blank" data-smartkarma-citation="entities:16897:1" rel="noopener">SBI Shinsei Bank (8303 JP)</a>, <a href="https://www.smartkarma.com/entities/penguin-international-ltd" target="_blank" data-smartkarma-citation="entities:10190:1" rel="noopener">Penguin International (PBS SP)</a>.</li>
</ul>


We summarise the latest spreads and newsflow of merger arb situations covered by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads - 111 Inc (YI US), Estia Health (EHE AU), United Malt Group Ltd (UMG AU), HKBN Ltd (1310 HK), Hailan Holdings (2278 HK), Origin Energy (ORG AU).
Lowest spreads - Healius (HLS AU), Liontown Resources (LTR AU), Silk Laser Australia (SLA AU), Lian Beng (LBG SP), SBI Shinsei Bank (8303 JP), Penguin International (PBS SP).


Merger Arb Mondays (29 May) - Yitai, AAG Energy, Hailan, InvoCare, Silk Laser, Toyo Construction

China

Inner Mongolia Yitai Coal Co., Ltd. operates in coal mining, processing, and distribution.  Through its subsidiaries, the Company also operates in hotel management, licorice planting, pharmaceutical manufacturing, and manages roadways.

Inner Mongolia Yitai Coal Company Ltd (3948 HK)

Inner Mongolia Yitai Coal Company Ltd (3948 HK)

(Mostly) Asia-Pac Weekly Risk Arb Wrap: ENM, Estia Health, Yitai Coal, and Challenger Technologies

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Yitai Coal (3948 HK): H-Shareholders To Vote on 30th June

HK$17.50/share is a full and fair price. The tendering condition is the key risk to the deal. At HK$16.72/share, this is trading at a 4.7%/47.3%...

David Blennerhassett

Merger Arb Mondays (29 May) - Yitai, AAG Energy, Hailan, InvoCare, Silk Laser, Toyo Construction

This week, the highest gross spreads are 111 (44.1%), Estia Health (19.0%), United Malt (18.8%), HKBN (15.6%), Hailan (8.7%), Origin Energy (7.5%),...

Arun George

Yitai Coal (3948 HK): H-Share Buyback Firmed At HK$17.50

HK$17.50/share is a full and fair price. The tendering condition is the key risk to the deal. Buy up to HK$16.90/share, or 4%/15% gross/annualised,...

David Blennerhassett

(Mostly) Asia-Pac Weekly Risk Arb Wrap: ENM, Estia Health, Yitai Coal, and Challenger Technologies

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Yitai Coal (3948 HK): H-Shareholders To Vote on 30th June

HK$17.50/share is a full and fair price. The tendering condition is the key risk to the deal. At HK$16.72/share, this is trading at a 4.7%/47.3%...

David Blennerhassett

Yitai Coal (3948 HK): Offer Open with H Share Class Meeting on 30 June

The de-rating of the peers, likely supportive substantial H Shareholders and no major retail opposition should help hit the 90% threshold. At the...

Arun George

Merger Arb Mondays (29 May) - Yitai, AAG Energy, Hailan, InvoCare, Silk Laser, Toyo Construction

This week, the highest gross spreads are 111 (44.1%), Estia Health (19.0%), United Malt (18.8%), HKBN (15.6%), Hailan (8.7%), Origin Energy (7.5%),...

Arun George